South Korean Shares Fall to Over 1-Month Low
The benchmark KOSPI slipped nearly 3% to around 6,440 on Monday, extending losses to an over one-month low as escalating Middle East tensions and elevated oil prices heightened inflation concerns. Renewed Houthi attacks on Saudi Arabia and the possibility of further US involvement raised fears of a broader regional conflict and energy supply disruptions, with Brent crude remaining above USD 104 per barrel. At the same time, elevated US Treasury yields and growing expectations of further monetary tightening weighed on equities. Technology stocks led the decline, with SK hynix and Samsung Electronics falling nearly 4% and more than 2%, respectively, as continued foreign selling overshadowed strong semiconductor earnings and record export growth. Losses were also recorded in SK Square (-3.9%), Doosan Enerbility (-5.1%), Hanwha Aerospace (-2.0%), HD Hyundai Heavy Industries (-3.5%), LG Electronics (-5.0%), and LS Electric (-3.1%).
The benchmark KOSPI slipped nearly 3% to around 6,440 on Monday, extending losses to an over one-month low as escalating Middle East tensions and elevated oil prices heightened inflation concerns. Renewed Houthi attacks on Saudi Arabia and the possibility of further US involvement raised fears of a broader regional conflict and energy supply disruptions, with Brent crude remaining above USD 104 per barrel. At the same time, elevated US Treasury yields and growing expectations of further monetary tightening weighed on equities.
Technology stocks led the decline, with SK hynix and Samsung Electronics falling nearly 4% and more than 2%, respectively, as continued foreign selling overshadowed strong semiconductor earnings and record export growth. 1%).